Tuesday, May 15, 2012
0725 GMT [Zawya Dow Jones]--Cairo-based investment bank Beltone Financial says Telecom Egypt's 1Q top-line performance was impressive, with reported revenues of EGP2.68 billion surpassing its forecast of EGP2.4 billion by 11%, fuelled by an 8% q-o-q growth in wholesale revenues for both domestic and international segments, as demand for infrastructure services from ISPs and mobile operators strengthened. "We believe TE is attractive at its current price level, as it trades at a significant discount to its peers," it says. Keeps buy rating on the stock and EGP18.91 target price. Sees flat revenue growth, 42% EBITDA margin and a net profit of EGP2.561 million in FY 2012. TE shares closed Monday 0.6% down at EGP12.92 (shereen.elgazzar@dowjones.com)
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(END) Dow Jones Newswires
15-05-12 0729GMT
